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Iran today test-fired nine ballistic missiles, including one which it says has the capacity to strike an Israeli city. The test comes just a month after Israel drilled with warplanes that could reach Iran's nuclear installations. Also, should Washington cut programs to balance the budget or continue deficit spending to help hard-hit Americans? What about taxes? We look at the presidential candidates and the economy.

Banner image: Secretary of State Condoleezza Rice and Minister of Foreign Affairs of the Czech Republic Karel Schwarzenberg during their press conference, Prague, July 8

Both John McCain and Barack Obama had harsh words today about Iran's missile testing, but they've spent the week talking about the economy. Senator McCain says he'll balance the budget by 2013, the end of his first term. Senator Obama says he won't promise to eliminate the deficit in his first term because hard-hit American families need what he calls "some critical investments." We look at the impact of economic hard times on ordinary Americans and some of the economic fixes proposed by the two presidential candidates.

Iran today test-fired nine ballistic missiles, including a new version of the Shahab-3, which Iran says has the capacity to strike Tel Aviv. The tests were shown on government-run TV and a commander of the Revolutionary Guard said they were designed to "tell the world...that our finger is always on the trigger." We get perspective from Iran, Israel, Russia and the US.